The airline was owned by Icelandic investment group, Northern Travel Holding. Northern Travel Holding was acquired in full by Fons in September 2008. It silently changed hands to sister company Fengur before the bankruptcy of Fons. Fons was established by the two main owners of Fengur.

Fengur acquired 100% of Astraeus Airlines. This helped the Icelandic group support its Iceland Express subsidiary to begin low-fare transatlantic services. The two airlines continued to operate as separate entities. The company started trans-Atlantic flights to Newark Liberty International Airport, four times a week and Winnipeg James Armstrong Richardson International Airport, two times a week, in June 2010 with a mix of 737s and two Boeing 757s operated by Astraeus. In late summer 2010, the airline published its winter schedule with the Newark flights year-round, as well as seasonal destinations such as Orlando.

The airline announced that it would fly to Chicago, Boston, Miami, Belfast and Orlando in June 2011, although the Belfast and Miami services never eventuated. As of 2012 though, the airline did not offer flights to or from the United States.[3]